If you’re considering selling your house, you should know the number of homes for sale right now is low. That’s because, this season, there are fewer sellers listing their houses for sale than the norm.
Looking back at every April since 2017, the only year fewer sellers listed their homes was in April 2020, when the pandemic hit and stalled the housing market (shown in red in the graph below). In more typical years, roughly 500,000 sellers add their homes to the market in April. This year, we saw fewer than 400,000 sellers entering the market in April (see graph below):
While there are several factors contributing to this trend, one thing keeping inventory low right now is that some homeowners are reluctant to move when the mortgage rate they have on their current house is lower than the one they could get today on their next house. It’s called rate lock.
As a recent survey from Realtor.com explains, 56% of people planning to sell in the next 12 months say they’re waiting for rates to come down.
While this wait-and-see approach is right for some sellers, it also creates an opening for more eager sellers to jump in now.
If your current house truly doesn’t fit your needs and you’re ready to move, don’t miss this chance to stand out. When fewer sellers put their homes up for sale, buyers will have fewer options, so you set yourself up to get the most eyes on your house. That’s why your house could see multiple offers as buyers compete over the limited supply of homes for sale – especially if you price it right.
As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:
“Inventory levels are still at historic lows . . . Consequently, multiple offers are returning on a good number of properties.”
When and How to Sell Your House?
Selling a house can be competitive, and timing plays a crucial role in attracting potential buyers and securing the best possible deal. The statement suggests that by being proactive and putting your house on the market before the competition, you can gain an advantage and increase your chances of receiving multiple offers. To achieve this, partnering with a real estate professional is recommended to navigate the complexities of the selling process effectively.
Here are some key points to elaborate on:
- Beat the competition: When selling real estate, being ahead of the competition can be advantageous. Listing your house for sale before similar properties become available gives you a higher chance of attracting actively looking buyers. This early entry into the market can generate more interest, as potential buyers may perceive your property as a fresh opportunity.
- Standing out from the crowd: Listing your house ahead of others can make your property stand out. This can be accomplished by ensuring your house is in excellent condition, staging it attractively, and highlighting its unique features and selling points. A real estate professional can provide valuable insights and advice on effectively showcasing your home’s strengths.
- Generating multiple offers: When multiple buyers are interested in a property, it can lead to a competitive bidding situation. This scenario often benefits sellers by driving up the price and increasing the likelihood of securing a favorable offer. By listing your house early, you increase the chances of attracting multiple offers because potential buyers may feel a sense of urgency to make an offer before other desirable properties hit the market.
- Partnering with a real estate professional: Working with a real estate professional who understands the local market can be instrumental in achieving your goals. They have experience in pricing your property appropriately, marketing it effectively, and negotiating with potential buyers. A skilled real estate agent can advise you on the best timing for listing your house, considering market conditions and buyer demand.
- Maximizing exposure: Real estate professionals have access to various marketing tools and networks that can give your house greater exposure. They can create high-quality listings, promote your property through multiple channels (such as online platforms, social media, and their professional network), and schedule open houses or private showings. These efforts can attract a larger pool of potential buyers and increase the likelihood of receiving competitive offers.
It’s important to note that while listing your house before the competition can be advantageous, it’s also essential to ensure your property is market-ready. Take the time to address any necessary repairs, declutter and stage your home, and consider any improvements that could enhance its appeal. Your real estate professional can assist you in preparing your house to make a strong first impression on potential buyers. Overall, by being proactive, partnering with a real estate professional, and strategically timing your listing, you can position your house to stand out in a competitive market and potentially receive multiple offers, ultimately increasing your chances of a successful sale.